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<div width="830%" class ="TITLEFORM">MIS REMITTANCES IN INDIA</div>
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  <p>Government of India formed the rules for AD to release foreign exchange to persons resident in India under FEM (Current Account Transactions) Rules, 2000. In terms of which drawal of foreign exchange for transactions provided under schedule I are prohibited, transactions under schedule II would require prior approval from respective ministries and for transactions under Schedule III, prior approval of RBI is required. Current account transactions which are not provided under schedule I, Schedule II and Schedule III are allowed without any prior approval of RBI.</p>
<p>Authorised dealers can release upto USD 100000 for the purposes of Employment abroad, Emigration, Maintenance of close relatives abroad and Education abroad for resident individuals without any documentation but with simple letter and submission of Form A2. </p>
<br><p>-Liberalised Remittance Scheme (LRS) is introduced to facilitate the resident individual’s to remit foreign exchange for permitted current account and capital account transactions abroad. Under this LRS, an individual can remit upto USD75000 per financial year.<br> <b>Some of the conditions are provided here under:</b><br>
* Gift and Donations made would be considered within LRS limit<br>	
* Other current account transactions for which limits are provided can be utilised over and above LRS limits<br>
* LRS remittances cannot be used for acquisition of immovable property abroad<br>	
* LRS remittances can used for acquisition of ESOPs. The scheme is in addition to ESOPs linked ADR/GDR and acquisition of qualification shares<br>
* Gift to NRI/PIO who is a close relative under section 6 of companies act, 1956.The same shall be credited to NRO account of NRI/ PIO.<br>	
* Individuals can open foreign currency accounts with bank outside India for making remittances under the Scheme without approval of RBI. The payments should be eligible transactions under the scheme.<br>
* LRS cannot be used for transactions falling under schedule I or Schedule II of Foreign Exchange (Current Account transaction) Rules, 2000.<br>
* The facility is not available for payments to be made to Nepal, Bhutan, Mauritius and Pakistan.<br>
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 <p>For above facility, resident individual is required to submit the Application cum declaration form to the Authorised Dealer. Please note further that PAN is mandatory for the remitter to make the remittance under the Scheme.</p>
<table border="1"><tr><td>-If you wish to seek our advice please fill the following information and submit the document for us to get back to you.<br>
Type of person remitting the foreign exchange (NRI/PIO or others, please specify)------------<br>
Amount of Foreign Exchange required--------------- <br>
Purpose of remittance-------------<br>
Query Details--------------<br>

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